As global oil prices rise, so too has interest in offshore drilling with countries like Brazil and Guyana attracting a lot of attention. However, the renewed interest seems to be passing over Uruguay which failed to attract bids for any offshore blocks.

Venezuela oil production fell last month as global oil prices continue to rise, according to OPEC's April report. Other nations in the region like Brazil and Guyana are taking advantage of higher energy prices by investing in new offshore production.